Koloa is a small, homely town on the Island of Kauai. In 1835, one of the first successful sugar plantations was started in this quaint town. In 1948, it was rechristened as the Grove Farm. This landlocked town has a total area of 1.2 square miles.
Koloa provides a relaxed ambience, especially favoured by tourists from the cities wanting a break from their fast-paced and exhausting city lives. It is also common to find many senior citizens in this town, who have settled down to lead their lives after retirement in peace. Due to the level of preservation of old buildings, monuments and culture of Hawaii, this town serves as a great cultural and historical hub of the region, which makes real estate in Koloa a growing market.
Market trends
Over the past five years, Koloa real estate has gone through many ups and downs. The median sale price reached an all-time low in 2009, when the real estate crisis was prevalent throughout the country. However, real estate in Koloa re-emerged, with increasing value for homes and condominiums. In fact, in the first quarter of 2011, the median sales price for homes shot up considerably. In the second quarter, however, there was a decline of 8% and it now stands at $460,000. In comparison to the previous year, this represents a decrease of almost 15%.
Over the past five years, however, the median sales prices have decreased by over 35%. The number of sales, after increasing in the first quarter of 2011, has decreased in the second quarter. The average listing price, however, has increased. This is a sign that realtors are beginning to expect more from real estate in Koloa. This also gives reason to hope that Koloa real estate will grow. The number of listings, however, has decreased. The average price per square foot stands at $452. This is an increase of almost 9% in comparison to the previous year. There is hope for real estate in Koloa and it is expected that the market will expand.
Mortgage rates
There are a large number of mortgage brokers, lenders and banks in Koloa who offer mortgages at varied interest rates. The mortgage interest rates vary, in general, depending on the principal amount, number of years of expected interest payment and the type of loan offered. The annual percentage rate varies from 3-4% depending on whether the loan is 15 year, 30 year or 40 year fixed type. It is recommended that quotes are obtained from different sources to get a general idea of the kind of mortgages offered. There are also a number of websites available online that calculate mortgages depending on the city and type of housing.
Realtors and brokers
There are a great number of real estate agents and brokers in the area. They offer homes for sale at different rates, depending on the type and size of home required, and its location. To get an idea of the Koloa real estate prices in a locality, it is good to do a survey of the neighbourhood and talk to its residents. Open houses are highly recommended as you can explore the house without any pressure from the realtor.
Community
The people of Koloa form a well-knit community. The racial make-up is diverse but they lead a peaceful life. They strongly value their history and culture and take great pride in their historical monuments. The crime rate is fairly low. The standard of living is high, and the residents lead a comfortable life.